MORGAN HILL – A big new – and empty – expertise and industrial park in Morgan Hill has been bought by a seasoned actual property funding agency in a deal valued at over $100 million.
Butterfield 5 Tech Park was bought by a subsidiary of Invesco Actual Property for $119.3 million, in response to paperwork filed June 17 with the Santa Clara County Recorder’s Workplace.
The advanced has a complete space of 410,100 sq. toes and consists of 5 main expertise and industrial buildings, in response to paperwork held by Morgan Hill’s planning division.
CBRE, a business actual property firm, organized the acquisition of Butterfield 5 Tech Park.
Trammell Crow, a big business actual property firm that offered the buildings to Invesco, was represented on the transaction by Rebecca Perlmutter, an government at CBRE Nationwide Companions.
“Demand for industrial, manufacturing and life sciences area continues to develop in Northern California,” mentioned Rob Shannon, government vp of CBRE.
The mission simply bought, with building not too long ago accomplished, could possibly be poised to supply the type of area firms are in search of.
“Butterfield 5 has the flexibleness to adapt its area to the altering wants of tenants,” mentioned Shannon.
CBRE brokers Shannon, Chip Sutherland and Brian Matteoni will deal with ongoing leasing to attempt to appeal to tenants to the expertise park.
“Morgan Hill is poised for considerate, continued development,” mentioned Will Parker, chief government of Trammel Crow’s Northern California workplace.
The acquisition of the expertise park signifies continued curiosity from giant buyers reminiscent of new proprietor Invesco. However the advanced additionally has the potential to be an employment hub.
“The Butterfield 5 Know-how Park will create native employment and function a pretty setting for established and increasing companies within the area,” mentioned Parker.